Pfizer halts development of Alzheimer's drugs

|About: Pfizer Inc. (PFE)|By:, SA News Editor

Pfizer (NYSE:PFE) is giving up on discovering new drugs for Alzheimer's and Parkinson's disease, abandoning costly efforts to find effective treatments for the disorders.

The cutback will result in 300 layoffs over the next several months.

"This was an exercise to reallocate [spending] across our portfolio, to focus on those areas where our pipeline, and our scientific expertise, is strongest," Pfizer said in a statement.